11 Feb 2013

Cipla Medpro's India deal on hold

Reuters

Johannesburg - The acting chief executive officer of Cipla Medpro said on Monday the generic drug firm has not received any communication from its Indian suitor, Cipla that an acquisition deal has been put on hold.

India's Economic Times, citing the chairperson of Cipla, reported on Monday that Cipla's $215m bid for control of the South African company is on hold.

"I am aware of the that report but I have not been able to verify it and we have not received any communication from Cipla about its withdrawal from the talks," Johan du Preez, Cipla Medpro's acting CEO, told Reuters.

"As far as we are concerned, the talks are ongoing."

Shares in Cipla Medpro fell 5.32% to R8.90, still above the R8.55 Cipla put on the table in November.

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